Buying a home or condo is an exciting milestone—but it can quickly become stressful if you’re not prepared. Getting your mortgage approved requires specific documents and proofs of funds. The good news: by preparing them in advance, you’ll save time, avoid surprises, and go through the process with far more peace of mind. Here’s a practical guide to the main documents you’ll need to gather.

1) Proof of Income:

Among the documents required for your mortgage application, proof of income is usually the most important and sometimes the hardest to collect. Make sure you prepare these early so you’re not caught off guard by deadlines.

• If you are an employee: a recent pay stub and a signed letter from your employer. The letter must include your hire date, job title, salary, and employment status (permanent or temporary). It should generally be no more than 30 days old. If your income is variable (e.g. overtime, irregular hours, commissions), you may also be asked to provide your last two federal Notices of Assessment.
• If you are self-employed:
  • Your last two complete federal tax returns
  • Your last two federal Notices of Assessment
  • Your most recent provincial Notice of Assessment
  • In some cases, mortgage insurers (CMHC, Sagen) and certain lenders may also request your business financial statements for the last two fiscal years.

2) Proof of Down Payment:

When applying for a mortgage, you must demonstrate that you have the minimum 5% down payment plus at least 1.5% of the purchase price to cover closing costs. Simply stating the funds will be available is not enough—you must provide clear proof.

Examples of acceptable documents:

• Bank statements from the past three months showing accumulated savings
• Recent investment or RRSP statements
• A legal statement confirming funds received through a gift or inheritance, with proof of deposit
• A signed gift letter from an immediate family member (parents, grandparents, children, siblings) along with proof of the transfer (bank or investment statement)
• If your down payment comes from the sale of another property, provide:
  • A complete copy of the accepted Offer to Purchase
  • A copy of your municipal tax bill
  • A recent mortgage statement
  • Proof of unconditional mortgage approval for the buyers

3) Documents Related to the Property You’re Buying:

If purchased through a real estate broker, you’ll need to provide:

• A complete copy of the Offer to Purchase, including all addenda
• The MLS property listing
• The Seller’s Declaration

If purchased directly from the owner, you’ll need to provide:

• A complete copy of the Offer to Purchase, including all addenda
• A description of the property, if available
• A recent copy of the municipal and school tax bills
• An up-to-date certificate of location (land survey)

Getting your mortgage approved is one of the most demanding steps in the homebuying journey. Preparing your documents ahead of time will help you avoid delays, unexpected refusals, and unnecessary stress. A mortgage broker can guide you to ensure nothing is missing and your file is solid from the start.

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For any questions about the documents required when buying your home or condo, don’t hesitate to contact us.

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